Asian stocks witnessed a mixed open as U.S. shares slumped following a batch of poor corporate earnings.
Australian, South Korean and Japanese shares fell in early trading while equity futures in China and Hong Kong point to early gains a day after Beijing unveiled more measures to stimulate the economy. The Golden Dragon index, a gauge of Chinese shares in the U.S., slumped over 2%.
Contracts for U.S. equities declined in Asian trading following Meta Inc.’s fall in after-market trading after reporting its earnings. The tech-heavy Nasdaq 100 index slid 2.5% on Wednesday, weighed by Google’s parent Alphabet Inc.’s disappointing cloud figures and Texas Instruments Inc.’s bearish forecasts.
Meanwhile, the yield on the 10-year U.S. bond was trading at 4.95% and Bitcoin was above 34,000-level. Brent crude was trading above $90 a barrel, whereas WTI Crude was above $85-mark.
At 5:31 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 7 points of 0.03% at 19,186.
India's benchmark stock indices declined for the fifth day on Wednesday, after the Dussehra holiday, as uncertainty stemming from the Israel-Hamas conflict continues to weigh on markets.
Metals advanced, while media, IT, realty and healthcare shares were under pressure. Intraday, Nifty hit 19,074.15, the lowest level since June 30, whereas Sensex fell to 63,912.16, the lowest since June 28. Both indices ended the trading day at the lowest level since June 28.
The Indian rupee closed flat at 83.19 against the U.S dollar on Wednesday.
Earnings Post Market Hours
Tech Mahindra Q2 FY24 (Consolidated, QoQ)
Revenue is down 2.25% at Rs 12,863.9 crore vs. Rs 13,159 crore.
EBIT is down 48.73% at Rs 457.1 crore vs. Rs 891.4 crore.
EBIT margin at 3.55% vs. 6.77%
Reported PAT is down 28.18% at Rs 505.3 crore vs. Rs 703.6 crore.
Jubilant FoodWorks Q2 FY24 (Standalone, YoY)
Revenue is up 4.51% at Rs 1,344.83 crore vs. Rs 1,286.77 crore.
Ebitda is down 10.18% at Rs 280.7 crore vs. Rs 312.49 crore.
Ebitda margin at 20.87% vs. 24.28%
Reported PAT is down 39.45% at Rs 72.15 crore vs. Rs 119.17 crore.
Axis Bank Q2 FY24 (Standalone)
Reported PAT is up 10% at Rs 5,863.6 crore vs. Rs 5,329.8 crore YoY.
NII is up 19% at Rs 12,314.6 crore vs. Rs 10,360 crore YoY.
Gross NPA at 1.73% vs. 1.96% QoQ
Net NPA at 0.36% vs. 0.41% QoQ
Sona BLW Precision Forgings Q2 FY24 (Consolidated, YoY)
Revenue is up 20.6% at Rs 787.47 crore vs. Rs 652.91 crore.
Ebitda up 36.43% at Rs 219.99 crore vs. Rs 161.24 crore.
Ebitda margin at 27.93% vs. 24.69%
Reported PAT is up 34.04% at Rs 124.06 crore vs. Rs 92.55 crore.
Lakshmi Machine Works Q2 FY24 (Consolidated, YoY)
Revenue is up 8.95% at Rs 1,320.42 crore vs. Rs 1,211.9 crore.
Ebitda up 13.29% at Rs 135.96 crore vs. Rs 120.01 crore.
Ebitda margin at 10.29% vs. 9.9%
Reported PAT is up 10.36% at Rs 115.11 crore vs. Rs 104.3 crore.
Sonata Software Q2 FY24 (Consolidated, QoQ)
Revenue is up 27.84% at Rs 1,912.57 crore vs. Rs 1,495.98 crore.
EBIT is up 16.28% at Rs 163.98 crore vs. Rs 141.01 crore.
EBIT margin at 8.57% vs. 9.42%
Reported PAT is up 10.16% at Rs 124.17 crore vs. Rs 112.71 crore.
Chalet Hotels Q2 FY24 (Consolidated, YoY)
Revenue is up 26.91% at Rs 314.54 crore vs. Rs 247.84 crore.
Ebitda up 48.01% at Rs 125.95 crore vs. Rs 85.09 crore.
Ebitda margin at 40.04% vs. 34.33%
Reported PAT is up 2.3 times at Rs 36.44 crore vs. Rs 15.75 crore.
Chennai Petroleum Corp. Q2 FY24 (Consolidated, YoY)
Revenue is down 12.6% to Rs 16,544.64 crore vs. Rs 19,508.68 crore.
Ebitda up 685.15% at Rs 1,804.44 crore vs. Rs 229.82 crore.
Ebitda margin at 10.9% vs. 1.17%
Reported PAT is up 70.6 times at Rs 1,195.41 crore vs. Rs 16.93 crore.
Rallis India Q2 FY24 (YoY)
Revenue is down 12.52% to Rs 832 crore vs. Rs 951 crore.
Ebitda up 13.67% at Rs 133 crore vs. Rs 117 crore.
Ebitda margin at 15.98% vs. 12.3%
Reported PAT is up 13.88% at Rs 82 crore vs. Rs 72 crore.
Bannari Amman Sugars Q2 FY24 (Consolidated, YoY)
Revenue is up 17.65% at Rs 600.13 crore vs. Rs 510.06 crore.
Ebitda up 35.43% at Rs 92.37 crore vs. Rs 68.2 crore.
Ebitda margin at 15.39% vs. 13.37%
Reported PAT is up 81.24% at Rs 48.81 crore vs. Rs 26.93 crore.
Share India Securities Q2 FY24 (Standalone, YoY)
Revenue is up 56.59% at Rs 277.55 crore vs. Rs 177.24 crore.
Reported PAT is up 77.04% at Rs 79.53 crore vs. Rs 44.92 crore.
Gulf Oil Lubricants India Q2 FY24 (Consolidated, YoY)
Revenue is up 11.5% at Rs 802.3 crore vs. Rs 719.5 crore.
Ebitda is up 25.23% at Rs 100.48 crore vs. Rs 80.23 crore.
Ebitda margin at 12.52% vs. 11.15%
Reported PAT up 40.86% at Rs 73.6 crore vs. Rs 52.25 crore.
Indus Towers Q2 FY24 (Consolidated, YoY)
Revenue is down 10.5% at Rs 7,132 crore vs. Rs 7,967 crore.
Ebitda up 22.9% at Rs 3,456 crore vs. Rs 2,812 crore.
Net profit is up 48.5% at Rs 1,295 crore vs. Rs 872 crore.
CMS Info Systems Q2 FY24 (Consolidated, YoY)
Revenue is up 15.27% at Rs 543.73 crore vs. Rs 471.67 crore.
Ebitda up 8.53% at Rs 145.64 crore vs. Rs 134.19 crore.
Ebitda margin at 26.78% vs. 28.44%
Reported PAT is up 16.32% at Rs 84.35 crore vs. Rs 72.51 crore.
Also Read: Axis Bank Q2 Results: Profit Rises 10%
Earnings In Focus
Asian Paints, Shriram Finance, Canara Bank, Colgate Palmolive India, Indian Bank, ACC, Coromandel International, Apar Industries, NLC India, Westlife Foodworld, Aavas Financiers, Aditya Birla Sun Life AMC, Jindal Saw, Medplus Health Services, Maharashtra Scooters, Laxmi Organic Industries, Railtel, Sterlite Technologies, Symphony, Prudent Corporate Advisory Services, Steel Strips Wheels, Voltamp Transformers, Paisalo Digital, Ugro Capital, Apcotex Industries, Venus Pipes & Tubes, Sadhana Nitrochem, Quick Heal Technologies, Kabra Extrusiontechnik, Punjab Chemicals & Crop Protection, DB Corp, Punjab National Bank, ISMT, Dixon Technologies, Agi Greenpac.
Stocks To Watch: Tech Mahindra, Axis Bank, Asian Paints, Hero MotoCorp, Shriram Finance, PNB, Karnataka In Focus
Tech Mahindra: The board approved the merger of three of the company's wholly owned subsidiaries with itself. Perigord Premedia India, Perigord Data Solutions India, and Tech Mahindra Cerium will be incorporated under the rearrangement scheme.
Share India Securities: The board approved the proposal for the amalgamation of Silverleaf Capital Services as a going concern with the company.
SH Kelkar and Co: The company has invested 4.99 million euros in its Europe subsidiary, Keva Europe BV. The investment was made by subscribing to 1.39 million equity shares at 3.59 euros per share.
Samvardhana Motherson International: The company has initiated phased operational reconfiguration of a few of its European units. The operational reconfiguration entails a one-time cost of 25–30 million euros.
Karnataka Bank: The bank has entered into a partnership agreement with Vakrangee for providing business correspondent banking services through Vakrangee Kendra outlets on a pan-India basis.
Hero Motocorp: The company has made an investment of Rs 15 crore by way of a rights issue in its subsidiary company, HMC MM Auto. The company's shareholding in its unit has increased from 60% to 66.32%.
New Listing
IRM Energy: The shares will debut on the stock exchanges on Thursday at an issue price of Rs 505 apiece. The Rs 545.4-crore IPO was subscribed to 27.05 times on its final day. The bids were led by non-institutional investors (48.34 times), institutional investors (44.73 times), retail investors (9.29 times), and a portion reserved for employees (2.05 times).
IPO Offering
Blue Jet Healthcare: The IPO was subscribed to 0.69 times, or 69%, on its first day. The bids were led by non-institutional investors (1.37 times), retail investors (0.78 times, 78%), and institutional investors (0.01 times, 1%).
Block Deals
Aditya Birla Fashion & Retail: Cresta Fund bought 97.33 lakh shares (1.02%), and Griffin Growth Fund sold 97.33 lakh shares (1.02%) at Rs 212.5 apiece.
Bulk Deals
Indiabulls Housing Finance: Capri Global Holdings sold 25.37 lakh shares (0.53%) at Rs 157.8 apiece.
Swan Energy: Jainam Broking bought 15.24 lakh shares (0.57%) at Rs 301.94 apiece and sold 7.63 lakh shares (0.28%) at Rs 307.13 apiece. Tirupati Agencies and Malberry Infrastructure also sold 51.76 lakh shares (1.96%) and 20.73 lakh shares (0.78%), respectively, at Rs 300.19 apiece and Rs 300.08 apiece, respectively.
Insider Trades
Som Distilleries & Breweries: Promoter Deepak Arora bought 10,000 shares on Oct. 25.
Who's Meeting Whom
DCX Systems: To meet analysts and investors on Oct. 31.
Zen Technologies: To meet analysts and investors on Oct. 30.
Thyrocare Technologies: To meet analysts and investors on Oct. 31.
Cummins: To meet analysts and investors on Nov. 8.
Tata Motors: To meet analysts and investors on Nov. 2.
Datamatics Global Services: To meet analysts and investors on Nov. 2.
Carborundum Universal: To meet analysts and investors on Oct. 30.
Sarda Energy & Minerals: To meet analysts and investors on Oct. 31.
IRB Infrastructure Developers: To meet analysts and investors on Oct. 30.
Max Financial Services: To meet analysts and investors on Oct. 31.
Mahanagar Gas: To meet analysts and investors on Oct. 30.
Jindal Steel & Power: To meet analysts and investors on Oct. 31.
Premier Explosives: To meet analysts and investors on Oct. 31.
RateGain Travel Technologies: To meet analysts and investors on Oct. 27.
Vedant Fashions: To meet analysts and investors on Nov. 1.
Shemaroo Entertainment: To meet analysts and investors on Nov. 1.
Sula Vineyards: To meet analysts and investors on Nov. 10.
ZF Commercial Vehicle Control Systems: To meet analysts and investors on Oct. 31.
Gravita India: To meet analysts and investors on Nov. 1.
India Energy Exchange: To meet analysts and investors on Nov. 3.
Venky's: To meet analysts and investors on Nov. 9.
NTPC: To meet analysts and investors on Oct. 28.
Yasho Industries: To meet analysts and investors on Nov. 1.
Page Industries: To meet analysts and investors on Nov. 9.
Container Corporation of India: To meet analysts and investors on Nov. 3.
Cholamandalam Investment and Finance: To meet analysts and investors on Nov. 3.
Vishnu Chemicals: To meet analysts and investors on Oct. 26.
Bharat Petroleum Corp: To meet analysts and investors on Oct. 30.
Triveni Engineering & Industries: To meet analysts and investors on Nov. 1.
APL Apollo: To meet analysts and investors on Oct. 30.
Triveni Turbines: To meet analysts and investors on Nov. 2.
LT Foods: To meet analysts and investors on Oct. 30.
Aether Industries: To meet analysts and investors on Oct. 31.
Kaynes Technology: To meet analysts and investors on Nov. 1.
Also Read: Here's Why India VIX Surged Over 11%
Trading Tweaks
Price band revised from 10% to 5%: KIOCL
Ex/record date dividend: Ksolves India, TCI Express
Ex/record date stock split: Jay Bharat Maruti
F&O Cues
Nifty October futures fell 0.72% to 19,130, at a premium of 7.85 points.
Nifty October futures open interest declined by 37.41% to 54,033 shares.
Nifty Bank October futures fell 0.68% to 42,850, at a premium of 18 points.
Nifty Bank October futures open interest declined by 24.31% to 25,454 shares.
Nifty Options Oct 26 Expiry: Maximum call open interest at 19,500 and maximum put open interest at 19,000.
Nifty Bank Options Oct 26 Expiry: Maximum call open interest at 44,000 and maximum put open interest at 42,000.
Securities in the ban period: Delta Corp, RBL Bank
Money Market Update
The Indian Rupee closed flat at 83.19 against the U.S. dollar on Wednesday.
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